Mtechtips MCX-SX GBPINR INTRADAY trading analysis 06-10-2015

Mtechtips Pound extends gain for the third straight day Monday tracking the dollar weakness against other major currencies after expectations of a rate hike in the world’s largest economy waned following dismal US jobs data.Sell strategy given below 99.40 was not initiated as GBPINR continued to trade above 99.45 levels. Intraday price action resulted in formation hammer stick which is indicating for trend reversal in GBPINR. Today, a break below 99.40 will expect to show 99.00 next negative downside moves else wait for recovery rally towards 100.50-100.70.